South Africa’s economy decreased by 0.7% in the second quarter (Q2) of 2022, slumping from the 1.9% growth recorded for the first three months of the year. Moneyweb GDP Matshoba_A
South Africa’s economy is smaller than it was before the coronavirus pandemic struck, after the worst flooding in almost three decades and severe power outages caused it to shrink in the second quarter. Gross domestic product contracted 0.7% in the three months to June, compared with downwardly revised growth of 1.7% in the previous quarter, Statistics South Africa said on Tuesday.
5% Load shedding – which was imposed on more than half of the days in the second quarter, according to Bloomberg calculations – also contributed to the drop. South Africa’s economy remains stuck in its longest downward phase since World War II and hasn’t grown by more than 3% annually since 2012. Slow policy reforms, weak business sentiment and high levels of crime continue to weigh on fixed investment spending, with private companies wary of committing large sums of money to domestic projects.
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